Mortgage applications

The uptick occurred as conforming rates pulled back for the second week in a row, coming in below the jumbo average according to the Mortgage Bankers Association.

Government-backed activity, though, managed to grow, which helped to shrink purchase-loan sizes to their smallest in over two months, the Mortgage Bankers Association said.

The 30-year average for both conforming and jumbo loans jumped more than 20 basis points, according to the Mortgage Bankers Association.

The 30-year conforming average reached its highest point since March last week, while loan application volumes finished 35% below their levels from a year ago, a trade group said.

The 30-year conforming rate surged to its highest point since March, driving borrower activity downward, the Mortgage Bankers Association said.

Refinance applications surged by almost 10%, the highest level of activity since September, with federally backed activity jumping by almost 24%.

Meanwhile, the average purchase loan amount surged to its highest level in 2023, showing signs of continued demand amid limited inventory.

Conventional and government-backed purchases both increased last week, even with a 12 basis point surge in the 30-year conforming average, the Mortgage Bankers Association said.

Home loan applications dropped for the second time in three weeks, with the 30-year conforming interest rate ticking up 13 basis points, according to data from the Mortgage Bankers Association.

Average purchase-loan amounts on new applications also increased after a recent pullback, as limited inventory provided little price relief.